Business

SINGAPORE (APP) – Oil prices extended losses in Asia on Wednesday after industry data showed a rise in US crude stockpiles, supporting oversupply concerns.

The American Petroleum Institute said overnight that crude supply had increased by around 2.1 million barrels last week.

Investors are now waiting for official data on US commercial crude stockpiles for the week ending August 5 due later Wednesday, which will give further indication of demand in the world’s top oil consumer.

“The API figures have added pressure on prices, which are likely to continue to fluctuate until we see official figures from the US Department of Energy later tonight,” said IG Markets strategist Bernard Aw.

At about 0630 GMT, US benchmark West Texas Intermediate for September was down 13 cents to $42.64 while Brent crude for October was down eight cents to $44.90 a barrel.

Oil prices have been fluctuating since entering a “bear” market last week, falling more than 20 percent and closing below $40 a barrel for the first time since April.

They rebounded after the Organization of the Petroleum Exporting Countries said Monday that it would hold talks on the sidelines of the International Energy Forum in Algeria from September 26 to 28, ahead of a planned meeting due at the end of November.